The shares of Harley-Davidson Inc (NYSE:HOG) are up 7.3% at $40.29 this morning, following an upgrade from Baird to "outperform" from "neutral." This is the first time since 2016 the analyst has turned bullish on the stock, noting a promising shift in strategic direction and slimmer inventories. Meanwhile, Wedbush also chimed in, lifting its price target to $43 from $42. 

There's still plenty of room for analysts to follow Baird's lead, as the 12-month consensus price target of $38.25 is a nearly 5% discount to current levels. Plus, coming into today, nine of the 13 analysts in coverage still considered HOG a "hold."

Today's price action has HOG trading its highest level in nearly two months, closing its early February bear gap, and toppling recent pressure at its 80-day moving average. The equity sports an impressive 112.7% year-over-year lead, and is looking to close out the month of March with a solid 13% win. 

While short interest has been on the decline, a further unravelling could put even more wind at the stock's back. Short interest fell 8.8% in the last two reporting periods, though the 16.64 million shares sold short make up a solid 10.9% of HOG's available float, and would take almost eight days to cover at its average daily pace of trading. 

A shift in the options pits could also give HOG a boost. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Harley-Davidson stock sports a 10-day put/call volume ratio of 2.17, which stands higher than 79% of readings from the past 12 months. This implies puts are being picked up at a much quicker-than-usual clip. 

For those wanting to speculate on the equity's next move, options can be had at a relative bargain right now. This is per the stock's Schaeffer's Volatility Index (SVI) of 46%, which sits in the very low fifth percentile of its annual range. In other words, options traders are pricing in low volatility expectations for the motorcycle manufacturer at the moment.  

The shares of T-Mobile Us Inc (NASDAQ:TMUS) are up 0.3% at $123.76 at last check, after announcing TVision, the wireless carrier's live television service, will stop operating at the end of April. Customers will now be offered discounts to subscribe to Google's YouTube TV service, which is part of an expansive new multi-year deal between T-Mobile and Alphabet (GOOGL) -owned Google. The company's CEO, Mike Sievert, called the move a "big upgrade," noting that YouTube TV has twice as many channels as TVision Live. 

The security has struggled for direction on the charts since claiming a record-high close of $135.54 on Jan. 11. The 200-day moving average, an area of long-term support, acted as a floor for the equity's February pullback, and TMUS is up 48.5% year-over-year.

The options pits lean bullish, per T-Mobile stock's 50-day call/put volume ratio of 3.11 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio stands higher than 94% of readings from the past year, indicating a healthier-than-usual appetite for long calls over the last 10 weeks.

Echoing this, TMUS's Schaeffer's put/call open interest ratio (SOIR) of 0.45 stands in the low 6th percentile of readings from the past year. In other words, short-term option traders have rarely been more call-biased. 

Plus, these premiums are attractively priced at the moment. The stock's Schaeffer's Volatility Index (SVI) of 25% stands higher than just 12% of all other readings in its annual range, implying options players are pricing in relatively low volatility expectations at the moment.